January 02, 2022
There are thousands of cryptocurrencies that may be involved in ICO (Initial Coin Offering) and use existing blockchain technology or create a new blockchain. In fact, according to Investopedia.com, there are over eight thousand different options in cryptocurrencies in existence as of December 2021.
However, the vast majority of these cryptocurrencies never have any trading volume and limited followers. This means that they exist but have no value, or at least such low value that they are never presented as viable investments or options.
A Different Scenario
Interestingly, a significant cryptocurrency news update includes a cryptocurrency that was created as a meme in response to the Dogecoin cryptocurrency success. Dogecoin was originally developed by two software developers as a joke, and the choice of the logo as a Shiba Inu dog was based on the widely popular Doge internet meme that featured the breed.
Shiba Inu coin was launched in August of 2020 by an anonymous group or person going by the name Ryoshi. It was marketed as “the Dogecoin killer” and also featured the Shiba Inu. While sometimes called a spinoff coin, Shiba Inu (SHIB) is now more popular in searches than other more established options, including Bitcoin and Ethereum. In numbers released by CoinMarketCap, Bitcoin was used in 145 million views in 2021, while SHIB was viewed 188 million times.
Of course, SHIB does not have the value or market cap of the two leading cryptocurrencies in the world. However, it does have a market cap of more than twenty billion dollars, which makes it the thirteenth largest of the cryptocurrencies in the world today. While this cryptocurrency news update may not be surprising to some, it is continuing to gain popularity for investors around the world, including those in India and throughout Asia.